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Red Operate in Friday Corn Commerce

Corn futures worn into the weekend with 1 ½ to 2 cent losses. Would possibly per chance per chance perchance maintained a weekly draw of two ½ cents and Dec futures were 4 ½ cents above final Friday at the close.  

USDA’s Nationwide Weekly Ethanol characterize confirmed ethanol prices were largely UNCH this week from $1.36 to $1.50/gal regionally. The money DDGS market ranged from $170 to $210/ton this week, largely ~$5/ton better. Corn oil became once largely inside 3c of final week from 40 to forty five cents/lb regionally. 

Weekly CFTC data confirmed managed money dropped 25k contracts of their corn put, mainly short masking, for the length of the week that ended 3/19. That diminished the group of workers’s discover short by 12.9k contracts to 242,988. Industrial corn traders were adding hedges throughout the week, which constructed their discover short to forty five,723 contracts. 

USDA’s weekly Export Gross sales characterize had 1.19 MMT of corn became once booked for the length of the week that ended 3/14. That became once at the high quit of the expected vary nonetheless became once down 8% for the week and became once underneath the 3.1 MMT equipped for the length of the same week final year. Entire commitments were as much as 41.7 MMT, which is nineteen% sooner than final year’s tempo. 

BAGE reported Argentina’s corn harvest became once 3.7% accomplished as of 3/21. They reduced their output forecast by 2.5 MMT. 

Would possibly per chance per chance perchance 24 Corn  closed at $4.39 1/4, down 1 1/2 cents,

Nearby Money   became once $4.16 5/8, down 1 1/4 cents,

Jul 24 Corn  closed at $4.52, down 2 cents,

Dec 24 Corn  closed at $4.75 1/4, down 1 1/2 cents,

On the date of newsletter, Alan Brugler did now not non-public (both without delay or one scheme or the other) positions in any of the securities mentioned listed here. All data and data listed here is fully for informational purposes. For more data please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and make now not essentially mirror those of Nasdaq, Inc.

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